MONCURE – The planned September inauguration of VinFast’s manufacturing plant in Moncure appears to be on track after Vietnam’s new electric vehicle producer finalized land acquisition for its new production plant last Tuesday.
According to the deed, VinFast purchased 1,765 acres at the Triangle Innovation Point site, located on Moncure Flatwood Road. VinFast Manufacturing LLC purchased the land for just under $44 million from the seller, Triangle Innovation Point (TIP) East Development Partners.
The purchase of the land also included an excise tax payment of $87,955. Excise taxes are paid on all real estate transactions at a rate of $1 for every $500 sold, according to North Carolina law. This means that the total purchase price for the TIP East site was $43,977,500.
Kirk Bradley, chairman of Lee-Moore Capital Company and one of TIP East’s partners, told News+Record that the manufacturer is now moving forward with its site development and working on permits to begin construction. .
Bradley is also a partner in Chatham Media Group LLC, owner of the N+R.
Triangle Innovation Point was formerly known as Moncure Megasite. It consists of 2,158.5 total acres in a prime location: just off US 1 north of Sanford, six minutes from Sanford’s Raleigh Executive Jetport, 30 minutes from Raleigh International Airport- Durham and minutes from the I-540 loop in Wake County and two rail lines and access to utilities, the News+Record previously reported.
It is also possible that VinFast will seek additional land outside the TIP site for its project.
The deed shows that VinFast will occupy TIP East; the TIP site also includes an additional 420 acres that make up TIP West, which are being developed separately. Bradley said FedEx and other users are expected to occupy the site, although it has not yet been sold.
VinFast contacted Barnhill Contracting Company, a Rocky Mount-based contractor, to begin work on the site, Bradley said. Barnhill is the largest entrepreneur in the Research Triangle region.
The purchase of the land is a step in the right direction towards VinFast’s ambitious construction schedule. Company officials previously told the News+Record that the company was looking to innovate in Chatham County by mid-September and have the cars to consumers from the facility by July 2024.
The first step in the development process will be to build the roads in conjunction with the North Carolina Department of Transportation. NCDOT officials told News+Record that major road improvements to the VinFast facility will be completed in two phases.
The first phase includes widening and resurfacing of existing roads around the site, including Christian Chapel Church Road, Pea Ridge Road and Old US 1.
“The resurfacing and widening will allow the roads to handle more truck traffic,” said Jamie Kritzer, assistant director of communications for NCDOT. “Work will begin on this component in the coming weeks and should be complete by summer next year.”
The first phase of construction also includes the widening of New Elam Road from two lanes to a four-lane divided road from the VinFast site to US 1. Kritzer said development will begin in early 2023 and end in the spring of 2024. The final portion of the road widening, which includes construction of access roads to US 1, is expected to be completed by winter 2025.
Phase two of road construction by NCDOT, which includes improvements to the new access road from the VinFast site to US 1 on Pea Ridge Road, does not have a definitive schedule at this time. Kritzer said that’s because the construction is tied to Vinfast creating 3,875 jobs.
For more information on NCDOT’s progress on road construction, visit the public site to access project information: www.publicinput.com/Chatham-TIP-Road-Improvements.
The $44 million is just part of the $4 billion the electric vehicle company has pledged to invest in North Carolina. The VinFast facility is the largest economic development project in state history and is also expected to create 7,500 jobs at the site.
If its plan is executed, VinFast would become Chatham County’s largest employer by far — larger than the county’s current top 10 employers combined, according to Access North Carolina.
The company is expected to produce two electric vehicles, the five-seat VF-8 and seven-seat VF-9, as well as electric buses at facilities in Chatham County. VinFast said the plant will manufacture and deliver 150,000 vehicles per year with the capacity to expand to more than 200,000 vehicles.
VinFast has announced it is hiring executive positions for its North Carolina offices, and Chatham County Economic Development Director Michael Smith told News+Record that several VinFast executives are looking for homes in North Carolina. North this month.